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Stocks Plunge, Dollar Spikes Into European Close As Tariff Delay Hopes Fade

Courtesy of ZeroHedge View original post here.

Don't show President Trump this chart…

Source: Bloomberg

On a broad trade-weighted basis, the dollar has never been stronger against the rest of the world's fiat currencies.

And following this morning's comments  from European Central Bank policy maker Ewald Nowotny, that adding equity purchases to the ECB’s monetary-policy mix isn’t a realistic option,

“I would completely exclude it” as a tool because “for Europe it is inappropriate,” Nowotny told reporters in Alpbach, Austria.

“We can tweak the instruments we have to a certain extent, but I wouldn’t expect us to have new measures.”

“The central bank has to know what’s going on in the markets but it should not be following the markets,” said Nowotny, whose term as head of the Austrian central bank expires on Saturday.

“It should kind of steer the markets, and lead the markets, and there might be a certain danger that we’re too much following.”

And EURUSD is trading back to a 1.09 handle for the first time since May 2017.

Source: Bloomberg

This has sent the dollar surging to new highs…

Source: Bloomberg

Additionally, we note that Nowotny raised some graver concerns overnight, warning that three generations without war in western Europe have created a potentially dangerous imbalance in the economy.

“The fortune of a now 74-year period of peace has inevitably led to a tremendous accumulation of wealth on the one hand and debt on the other,” the Austrian central-bank governor said in an interview with Wiener Zeitung.

“In the past, wars or high inflation have effectively taken care of this problem. How we solve it without both these factors remains open.”

Can Lagarde save the world from this ominous future?

The US equity markets are reacting significantly to the surge in the dollar into the EU close…

Presumably we are running out of time for the tariffs to be delayed at the last minute.


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